Current Exchange Rate Of Australian Dollar To Naira

Introduction

The exchange rate of Australian Dollar to Naira is a topic of great interest to many people, especially those who have dealings in foreign currencies. The Australian Dollar is the official currency of Australia, while the Naira is the official currency of Nigeria. In this article, we will be discussing the current exchange rate of the Australian Dollar to Naira.

Australian Dollar

The Australian Dollar is abbreviated as AUD and is often referred to as the "Aussie". It is the fifth most traded currency in the world and is widely used in international trade. The Australian Dollar is also used in many countries, including Kiribati, Nauru, and Tuvalu.

Naira

The Naira is abbreviated as NGN and is the official currency of Nigeria. It is divided into 100 kobo and is widely used in Nigeria for transactions. The Naira is also accepted in other West African countries, including Ghana, Sierra Leone, and Liberia. Naira

Current Exchange Rate

As of August 2021, the exchange rate of Australian Dollar to Naira is approximately 1 AUD to 285 NGN. This means that if you have 1 Australian Dollar, you can exchange it for 285 Nigerian Naira.

Factors Affecting Exchange Rates

Exchange rates are affected by various factors, including economic and political conditions in the countries involved. Some of the factors that affect the exchange rate of Australian Dollar to Naira include:

Interest Rates

Interest rates play a significant role in determining exchange rates. Higher interest rates in a country will attract foreign investors, leading to an increase in demand for the currency and a rise in its value.

Inflation Rates

Inflation rates also affect exchange rates. Higher inflation rates in a country will lead to a decrease in the value of its currency.

Political Stability

Political instability in a country can lead to a decrease in the value of its currency. Investors prefer to invest in stable countries, leading to a decrease in demand for the currency of unstable countries. Political Stability

Conclusion

In conclusion, the exchange rate of Australian Dollar to Naira is a topic of great interest to many people. The current exchange rate is approximately 1 AUD to 285 NGN. Exchange rates are affected by various factors, including interest rates, inflation rates, and political stability. It is important to keep track of these factors to make informed decisions when dealing with foreign currencies.

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